Section Sch50-“ 90AF — Income Tax Act 2007: Imputation arrangement to obtain tax advantage

“ 90AF Imputation arrangement to obtain tax advantage “ (1) If an arrangement to obtain a tax advantage arises as described in section GB 35 of the Income Tax Act 2007, the Commissioner may make any of the following determinations: “ (a) a determination whether the arrangement results in an account advantage, a tax credit advantage, or both: “ (b) a determination whether a streaming arrangement as described in section GB 35(3) of that Act is subject to section GB 36(1) or (2) of that Act: “ (c) a determination of the amount of the imputation credit or FDP credit that is subject to the arrangement: “ (d) a determination of the tax year in which the arrangement commenced, being the year in which the first reasonably identifiable step in the arrangement took place. “ (2) The Commissioner must give notice of any determination under subsection (1) to the company whose account is affected by the arrangement, as soon as is convenient. “ (3) The notice may be included in— “ (a) a notice of assessment under section 111(1); or “ (b) a determination under section 104B. “ (4) Failure to comply with subsection (2) does not invalidate the determination.